Russia expects GDP contraction of less than 3% in 2022 | Photo credits: Ana Paula Hirama / Creative Commons
Aug 29 (Reuters) – Russia’s GDP will contract by less than 3% this year, First Vice President Andrei Belousov said on Monday, as the strength of the job market helps to cushion the fallout from what Moscow presents as a “special military operation” in Ukraine.
Andrei Beloussov said Russia’s gross domestic product will shrink by “just over 2%” this year. This decline will be followed by a decline of “no more than 1%” in 2023, he said.
Economists predicted a 15% fall in GDP this year, due in particular to Western sanctions imposed after the invasion of Ukraine. (Reportage Reuters; French version Alizée Degorce, editing by Sophie Louet)